The Russian Ruble is Rising Slightly, But The Outlook Remains Gloomy

The ruble rebounded in Moscow and foreign exchange markets on Thursday after the first official talks between the foreign ministers of Russia and Ukraine, although the meeting made no progress towards a ceasefire.

The currency has lost up to 50 percent of its value against the dollar this year in a collapse caused largely by international sanctions imposed after Russia’s invasion of Ukraine last month.

The ruble closed at 118.5 against the dollar in Moscow, up 1.3 percent from Wednesday’s close, but still down 36.5 percent since mid-February. The Russian currency hit a record low during Thursday at 121.5275 on the Moscow Stock Exchange.